Domenico Colucci () (Dipartimento di Matematica per le Decisioni, Universita' degli Studi di Firenze) Vincenzo Valori () (Dipartimento di Matematica per le Decisioni, Universita' degli Studi di Firenze)
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We analyse the capacity of a range of different learning rules to describe actual human behaviour in the experiment on expectation formation in a cobweb model conducted by Hommes et al. (2000). We find indication of a relative superiority in terms of descriptive capacity of forms of generalised adaptive expectations allowing for endogenous gain parameters.
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Paper provided by Dipartimento di Matematica per le Decisioni, Universita' degli Studi di Firenze in its series DiMaD Working Papers with number
2005-01.
Length: 25 Date of creation: Jan 2005 Date of revision: Publication status: Published as D. Colucci and V. Valori: Ways of learning in a simple economic setting: a comparison. Chaos, Solitons & Fractals, Vol. 29, Issue 3, 653-670, August 2006. Handle: RePEc:flo:wpaper:2005-01